Checklist: Key Financial Documents Women Need to Know About

If your husband handles your family’s finances, an unexpected illness, injury, or death could leave you and the people who depend on you vulnerable and at a loss as to what to do next.

An important element to reducing this vulnerability is having the right records and ready access to them.  This is true whether or not you are interested in managing your finances going forward.  One of the easiest, yet most important,  ways to do so is to collect key documents and gain access to accounts. It will help ensure you have access to money, credit, and insurance when you need it, particularly during a financial emergency.

This checklist outlines the documents and information you need to know about and have access to to feel secure.

Personal Identity

If something happens to your husband, you may need to prove who you and your children are to the financial firms your family does business with and more broadly. That’s why you need ready access to:

• Birth certificates. Your birth certificate and your children’s birth certificates are foundational for validating citizenship.
• Social Security card or number. This is a central identifier for tax, work, and most financial accounts.
• Passport and/or driver’s license. Financial institutions will need you to prove your identity using these key pieces of government-issued identification.
• Marriage certificate, divorce decree, or separation agreement. These documents will help prove your current relationship to your husband.
• Citizenship or adoption papers. If you became a United States citizen or adopted your children, ensure you have these documents in your collection.

Financial Accounts and Asset Records

You will need to have the following information and records if you want access to money if your husband becomes incapacitated or passes away.

• Bank account statements: Include checking, savings, CDs, and more. Make sure you have current login credentials for all institutions and accounts.
• Retirement accounts: Store current statements, contact information, and logins for 401(k) and IRA accounts, along with pension plans.
• Investments: File current statements and document access information for stock, bond, and brokerage accounts. Make sure you have contact information for brokers and other professionals in case you need to reach out during an emergency.
• Beneficiary designation: Check that all accounts have the correct beneficiaries.
• Safe-deposit box: It is critical to know where it is, how to access it, and what is inside.

Essential Estate Planning and Legal Documents

If something happens to your husband, it is critical to have immediate access to the following:

• Will and trust: Make sure these are readily available and reflect current beneficiaries and wishes.
• Durable power of attorney: This document designates who handles finances if someone is incapacitated.
• Healthcare proxy and advance directive: These document medical preferences and designates a decision-maker should someone be incapacitated and be unable to make decisions for themselves.
• Letter of instruction: This is non-legal documentation explaining the location of assets, passwords, and final wishes. (You may know where these things are, but if something happens to both you and your husband, this could be critical for next of kin to have access to.)

Property and Debt Documentation

For most people, a home or homes, business locations, and vehicles are typically associated with debts, so we are including them in the debt-related information you should document and store.

• Real estate records: Have deeds and titles available in case you need to sell your home. Keep track of mortgage-related documents and payments to ensure they are up to date. While you’re at it, keep track of property tax bills and receipts. Get access to accounts, including login information, to ensure you can make timely payments if something happens to your husband.
• Vehicle titles and registrations: Include information for autos, motorcycles, boats, and recreational vehicles. If you purchased any of these with loans, keep track of bills and payments, along with online account access.
• Loan documents: Take into account all types of loans, including personal, student, business, and lines of credit. It’s easy to fall behind on loan payments and get into financial trouble if you are unaware of loans or don’t know how to make payments.
• Credit cards: Make a list of individual and joint credit card account numbers and providers, and how to access billing and payment information.

Tax records

• Tax returns: Keep copies of the last seven years of federal and state personal and business returns. Get an introduction to your tax expert if your husband uses one.

Insurance

• Insurance policies: Keep copies of health, home, auto, and disability policies at the ready. File copies of your bills, along with a contact list, should you need to make a claim or have questions about your coverage.
• Appraisals: Keep copies of valuations of high-value items, like jewelry, art, and antiques, to support insurance claims if something happens to them.

Employment and Income Records

• Income records: Store copies of employment, Social Security, and records of other income, including rental and commissions.
• Business: If your family or husband owns a business, this exercise becomes significantly more complicated. You should have complete transparency into business accounts and records so you can take over operations should something happen to your husband. Get introductions to a business manager or accountant if your husband uses one.

Next Steps: Financial Records You Need to Know About

Now that you know where all your accounts and records are, consolidate actual documents into a single place. Use a fireproof, waterproof, and indestructible safe or secure filing cabinet. Make a digital copy of everything you have and save it electronically.   Stay up to date on monthly bills and payments, and review other items, like wills and beneficiaries, at least once a year.

If all this paperwork and recordkeeping seems overwhelming, talk to your husband about getting the support you need to feel more secure. The experts at Chase Investment Counsel are available to discuss your family finances with you and your husband. We can play any role you two choose together, from helping you get your finances organized to fully supporting you if something happens to your spouse and you are unable to manage your money.